An infrastructure company owned by billionaire Enrique Razon is planning to build a solar-plus-storage plant in the Philippines that will feature 2.5 – 3.5GW of PV.
Prime Infrastructure Holdings (Prime Infra) said the installation will be combined with 4 – 4.5GWh of battery storage, describing the proposed project as “a model of dependable renewable energy”.
The installation will be undertaken by Terra Solar Philippines, a unit of Prime Infra’s subsidiary Terra Renewables Holdings, in partnership with Solar Philippines Power Project Holdings.
Following a bidding process, an 850MW offtake agreement has been secured for the plant with utility Manila Electric Company (MERALCO), with 600MW of capacity set to be available by 2026 and an additional 250MW by 2027.
The location and cost of the project were not disclosed by Prime Infra.
The company’s CEO, Guillaume Lucci, said the project “highlights solar power’s important contribution” to strengthening the Philippines’ energy security.
New government targets are expected to see renewables account for 35% of the Philippines’ power mix by 2030 and 50% by 2040.
Amid rising investor interest and an expanding project pipeline, Fitch Solutions made a significant upward revision to its non-hydro renewables forecasts for the Philippines earlier this year.
The consultancy expects the country’s non-hydro renewables capacity to reach 10.2GW by 2031, up from an estimated 4GW as of the end of 2021, driven largely by new solar and wind. As of March, the Philippines had around 13GW of solar in its pipeline, compared with approximately 1.3GW a year earlier.
Solar Philippines Nueva Ecija Corporation (SPNEC), a subsidiary of PV project developer Solar Philippines, earlier this year announced plans to raise capital from a stock rights offering and private placements to support the development of 10GW of solar.